- ZEC Token price falls under the influence of 4-hour 100 EMA with the bearish alignment of all other critical EMAs.
- The coin price may soon break the $115 mark, resulting in a 20% fall shortly.
- The pair of ZEC/BTC is trading at the level of 0.0.003643 BTC with an intraday loss of -2.64%
ZCASH coin continues to move under a downtrend with constant resistance from the 4-hour 100 EMA. The coin price manages to breach the 50 EMA but fails to rise above the 100 EMA due to immense selling pressure.
The bearish alignment of the critical EMAs- 50, 100, and 200 coupled with the failure of a rise in trading volume to increase the coin price projects the increase in underlying weakness in the coin price.
As per the price action, the coin price may soon break the $115 mark that may lead to another 50 points fall. The $75 mark may support halting the fall, but in the unlikely case of a bullish breakthrough above the 100 EMA, the $200 is the superior resistance level.
The ZEC coin price is $128.57, with an intraday decline of 4.23% in the market cap. The coin price has faced a 21.76% fall in the intraday trading volume as well. The token ranks among the Top 100 coins as per market cap with the market dominance of 0.11%
No End For Downtrend In ZEC Token Price Chart
ZEC coin price has been trading under a downtrend since facing rejection from the $200 mark indicated by the parabolic SAR line above the price. The support level of $115 had managed to avoid the downfall further, but the increasing bearishness may soon break this level.
The 50 DMA (yellow) is above 200 DMA (white) and is falling sharply, forecasting a high possibility of a death cross in the daily technical chart. Furthermore, the coin price is trading below the 200 DMA, implying an ongoing downtrend that may worsen with the death cross.
The relative strength indicator (neutral) trading at 46 is present in the neutral zone. The slight negative slope forming in the RSI line implies a weak bearish momentum.
ADX indicator trading implies a gain in trend momentum as the spike of ADX slope is starting to head higher.
The parabolic SAR indicator generates a sell signal by projecting a downtrend that will persist in action until the price breaks above the yellow dots.
Conclusion – Support trendline of the descending triangle at $115 may not hold the price for long as the opposition from the 100 EMA pushes the price down. However, Investors may find this a desirable moment to buy ZEC tokens at discounted rates as ZCASH has many potentials to grow.
Support Levels – $150, $100, $85
Resistance Levels – $200 and 4-hour 100 EMA